Finst

Ren Protocol closes Version 1.0

Ren's bridging service warns customers about losses from moving to version 2.0.

By Mike Hesp
• 1 min read
Ren Protocol closes Version 1.0

Ren's bridging service warns customers about potential losses from moving to version 2.0. Withdrawals are being halted soon. To prevent asset loss, Ren's crypto-bridging service is asking investors to withdraw their assets from version 1.0 back to the original blockchain.

The protocol was largely funded with money from Alameda Research. The collapse of FTX wiped out the company's main revenue stream.

Ren's team said that after the shutdown of version 1.0, it could be possible that investors would incur losses.

After Ren 1.0 is shut down, it will be replaced by a new, community-driven version. It is possible, however, that the two versions may not be compatible.

"Since compatibility between Ren 1.0 and 2.0 cannot be guaranteed, Ren asset holders should move back to the original blockchain as soon as possible, or risk losing them," the company said.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.